Rumble (NASDAQ:RUM) Shares Gap Up – Here’s What Happened

Shares of Rumble Inc. (NASDAQ:RUM) gapped up before the market opened on Wednesday . The stock had previously closed at $5.68, but opened at $5.98. Rumble shares last traded at $6.16, with a volume of 2,390,309 shares traded.

Wall Street Analyst Weigh In

Separately, Wedbush reiterated a “neutral” rating and set a $8.00 price target on shares of Rumble in a research report on Wednesday, November 13th.

Rumble Stock Performance

The company has a market capitalization of $2.31 billion, a P/E ratio of -9.78 and a beta of 0.72. The company has a 50-day simple moving average of $5.65 and a 200 day simple moving average of $5.98.

Rumble (NASDAQ:RUM) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). Rumble had a negative net margin of 152.81% and a negative return on equity of 62.75%. The business had revenue of $25.06 million during the quarter, compared to the consensus estimate of $29.25 million. During the same period in the previous year, the business posted ($0.14) earnings per share. As a group, sell-side analysts forecast that Rumble Inc. will post -0.62 earnings per share for the current year.

Insider Transactions at Rumble

In other news, Director Robert Arsov sold 27,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.59, for a total value of $153,725.00. Following the completion of the sale, the director now directly owns 14,769,837 shares of the company’s stock, valued at $82,563,388.83. This trade represents a 0.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders sold 195,000 shares of company stock valued at $1,086,500 over the last three months. Company insiders own 72.90% of the company’s stock.

Institutional Investors Weigh In On Rumble

Hedge funds have recently added to or reduced their stakes in the business. Avantax Advisory Services Inc. acquired a new position in Rumble in the first quarter valued at about $335,000. Virtu Financial LLC bought a new stake in shares of Rumble in the first quarter worth $339,000. Bank of New York Mellon Corp bought a new position in shares of Rumble during the second quarter worth about $66,000. SG Americas Securities LLC bought a new stake in shares of Rumble in the 2nd quarter valued at $67,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Rumble in the 2nd quarter worth about $142,000. Institutional investors and hedge funds own 26.15% of the company’s stock.

About Rumble

Rumble Inc operates video sharing platforms in the United States, Canada, and internationally. The company operates rumble.com, a free-to-use video sharing and livestreaming platform where users can subscribe to channels to stay in touch with creators, and access video on-demand (VOD) and live content streamed by creators.